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Iraq Economic News and Points to Ponder Wednesday AM 1-31-24

Tlm724 Administrator Bondlady’s Corner

The Bank Of Jordan Links Iraq Through An Electronic System With Four Arab Countries

The Bank of Jordan announced today, Tuesday, the opening of its branch in Iraq, confirming that  Iraq is linked to an electronic system with four Arab countries, while indicating that the  Central Bank is making great efforts to develop the banking sector in Iraq.

The General Manager of the Bank of Jordan Group, Saleh Hammad, told the official agency followed by (Al-Oula News):

“Iraq includes a strategic investment market that has all the elements of a successful investment, so  we are keen to be present in this market that leads to joint investments between Iraq and Jordan.”“.

He explained that  “joint investments need financial products and services that meet all the requirements of various segments of businessmen, investors and companies, and therefore the  value that any external institution will add to Iraq is the new technology that it can introduce on the basis of providing financial services.”

He continued,   “Financial services are not limited to technological luxury, but have become one of the basics of financial institutions, to improve their services and digital transformation, to meet customers’ needs around the clock.” He pointed out that

“The Bank of Jordan, through its presence in Iraq, seeks to meet the needs of its customers, whether Iraqis or Jordanians, by exploiting its network and electronic systems in the region of the Arab countries in which it is located.” He stated,

“The Bank of Jordan is present in many Arab countries, including Iraq, Palestine, Bahrain, and Syria, and now we are in the process of opening a branch in the Kingdom of Saudi Arabia.

Therefore, we see that there is integration and trade exchange between these countries in an electronic system, where the customer or investor can view… This system and the exchange of his money very easily,” stressing that

“there are continuous efforts to improve the system existing at the Bank of Jordan.” Hammad stressed that  “the Bank of Jordan can implement the electronic system in Iraq.” He pointed out that    “there is joint cooperation with the Iraqi banking sector and the Governor of the Central Bank, and

previous conferences were held between the Jordanian banking sector and the Iraqi banking sector, in order to improve the infrastructure and electronic services in Iraq.”

He continued:  “There were great joint efforts to provide support through existing expertise in Jordan, such as (Calak) services, paying electronic bills, providing all requirements, and other services.”

He pointed out that  “the Central Bank of Iraq is making great efforts to develop the banking sector in Iraq, as it has taken a serious and strong approach to modify the system, and I believe that they are moving at a very good speed to shorten the time gap, to reach the ranks of developed countries with these services.”

He believes that    “one of the large, promising markets is the trade exchange between Iraq and Jordan, due to the geographical proximity between the two countries, so   shipping and transportation operations are very easy, and  this is what we seek in economic integration, which could generate a nucleus for investments that can compete in the Arab region.”بنك-الأردن-يربط-العراق-بمنظومة-الكترو/

Al-Sudani Chairs A Meeting To Discuss The Structuring Of Government Companies

January 28 20:30     Information / Baghdad…Prime Minister Muhammad Shiaa Al-Sudani confirmed on Sunday that structuring government companies represents an important role in the essence of economic reform.

The Prime Minister’s Media Office said in a statement received by Al-Maalouma,

“Prime Minister Muhammad Shiaa Al-Sudani chaired the second meeting, which was devoted to following up on the process of structuring and organizing government companies,” noting that

“Al-Sudani indicated, at the beginning of the meeting, the importance of this process and its It plays a role in the essence of economic reform, by subjecting companies to sound economic foundations and standards.” During the meeting, Al-Sudani stressed, according to the statement, that

“this step lies at the heart of the strategic goal of increasing the contribution of non-oil revenues to national output and income.”

The statement explained,  “The meeting came out with a set of decisions that included general principles to proceed with the financial and economic reform of companies and their structure, in a way that strengthens the national economy and its stability.” Ended 25 nالسوداني-يرأس-اجتماعا-لبحث-هيكلة-الشركات-الحكومية

An Economist Calls For Benefiting From The Bangladesh Experience Instead Of Spending Money On Social Welfare

Economy| 05:56 – 01/29/2024  Mawazine News – Baghdad    Economic expert Abdul Rahman Al-Mashhadani criticized the disbursement of funds for social welfare instead of investing them in projects to support youth, calling for benefiting from Bangladesh’s experience in supporting the poor.

Al-Mashhadani said in an interview followed by Mawazine News,

“We are surprised by the inclusion of the authorities in social care, as the state spends huge amounts of money on welfare salaries, as the total number has reached two million and 500 thousand citizens, which is an exaggerated number.” He added,

“The amounts spent on social care are capable of providing 225,000 permanent job opportunities and will increase in the following year by about 500,000 employees.” He pointed out that

“the money must be spent rationally, as Bangladesh did, where it invested the money in the Bank for the Poor, which provided it with more than 50 million jobs,” noting that

“the Bangladeshi gross domestic product is more than the Iraqi one, as it reached more than 375 billion dollars annually without exporting oil.”

The Role Of Payment Systems In The Governance Of Non-Tax Revenue Collection

Economic researcher Ali Dadoush  Ali Daadoush  Economy News – Baghdad    Financial technology payments take advantage of large digital platforms to fill the gaps in the traditional payment system, the most prominent of which are (mobile payment, online payment, and other digital money).

These have the ability and efficiency to achieve the best collection of public revenues, especially tax and non-tax revenues, meaning that technology Finance helps the financial department achieve optimal collection of the state treasury.

The use of financial technology in financial policy also achieves various benefits – including

enhancing financial transparency,

improving public budget planning and implementation, and

modernizing cash management –

if the institutional and technological capabilities of the government (public sector) are strengthened and the waste of public money is reduced.

Table (1) shows the most important areas in which financial technology can improve financial policy management, as well as the benefits achieved if financial technology is used to collect non-tax revenues in particular.

Table (1) Payment applications using financial technology in financial policy management

The role of payment systems in the governance of non-tax revenue collection 110

CBDC (central bank digital currency) = central bank digital currency, public financial management (PFM) = public finance management, government-to-business (G2B) = government-to-business, government-to-persons (G2P) = government-to-people, business-to-government (B2G = business to government.

It is generally noted that there are two main categories of non-tax revenues in fiscal policy:

1- Non-tax revenues resulting from royalties and the like, such as those coming from extractive industry sectors and dividend payments from state-owned companies.

2- Non-tax revenues from fees for goods and services provided by government agencies, such as issuing passports, port fees, agricultural services fees, fines and police penalties, as well as some health and educational services.

Governments (public sector companies) have benefited from the features of financial technology payment, as  they provide additional ways to make payments using electronic payment platforms, and

in some cases mobile money (the Internet), as financial technology payments allow users to make payments at any time and at any time. Anywhere using multiple payment platforms, which could include central bank digital currencies in the future if the infrastructure and overlay are available.

Table (2) shows the process of governance and collection of non-tax revenues through different payment systems in line with developments in financial services based on advanced technology, which leads to increasing revenues and collecting them in full for the state treasury,

thus increasing the contribution of these revenues to the total revenues that finance expenditures. The government in Iraq.

The use of financial technology in collecting non-tax revenues requires a data exchange process covering the cost of the service/good provided by the government, or the amount of fines/penalties, and a payment gateway (government linked directly to the state treasury) to collect it from users or beneficiaries of government services.

Therefore, it may require a system Non-tax revenue collection Integration with many public service delivery systems managed by government agencies to capture the cost of services/goods.

Table (2) The use of financial technology payments in the governance and collection of non-tax revenues

The role of payment systems in the governance of non-tax revenue collection 110

Source: Researcher based on:

IMF library, (2023): Fintech Payments in Public Financial Management: Benefits and Risks.

Once non-tax revenues are collected, the service delivery systems are automatically updated to provide proof of payment.

This functionality can also be included as a module of the Financial Management Information System (Fiscal Policy).

If specific service delivery systems do not exist, or if it is not possible to integrate them, it will The payment interfaces used by payers need to be configured so that proof of payment is guaranteed.

In addition, to benefit from financial technology payments in collecting non-tax revenues, the state treasury must either develop its own payment gateways or integrate its gateways with those developed by service providers or private payment companies (or restructure them as will be done in government banks according to the government’s decision). Iraq), and

in both cases the systems must be updated to include services and their accounting classifications to update the accounting system in the financial management information system, and

the system must also ensure appropriate (back-end integration) with government bank accounts to collect funds in a timely manner.

Therefore, the use of technology payments Finance requires the state treasury to modernize current business processes and establish a financial management information system, as close coordination with the agency responsible for providing goods and services is essential to ensure the accurate collection, accounting, and settlement of funds related to the collection of non-tax revenues.

183 views     Added 01/30/2024 – 8:36 PM


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Top 100 Inspirational Quotes  Compiled By Kevin Kruse

Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even  give us the courage to pursue our life’s dreams.  In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.

So in the spirit of self motivation, here are 100 inspirational quotes.

  1. I would rather die of passion than of boredom. – Vincent van Gogh
  2. A truly rich man is one whose children run into his arms when his hands are empty. – Unknown
  3. It is not what you do for your children, but what you have taught them to do for themselves, that will make them successful human beings.  – Ann Landers
  4. If you want your children to turn out well, spend twice as much time with them, and half as much money. – Abigail Van Buren